NextGen Day

The World Bank approved a USD723 million aid package for Ukraine on Monday, despite the ongoing conflict with Russia.

The bank said in a statement that the Board of Executive Directors had approved the additional budget support package for Ukraine, dubbed FREE Ukraine (Financing of Recovery from Economic Emergency in Ukraine).

According to the readout, “the package adopted by the Board consists of a $350 million supplemental loan and $139 million in guarantees, as well as grant financing of $134 million and parallel financing of $100 million.”

The government will be able to offer crucial services to Ukrainian citizens, including wages for hospital personnel, pensions for the elderly, and social programs for the needy, according to the statement.

World Bank President David Malpass stated, “The World Bank Group stands with the people of Ukraine and the region.” “This is the first of many initiatives we’ll take to address the crisis’s far-reaching human and economic consequences.”

The world community has condemned Russia’s assault on Ukraine, which began on February 24 and has resulted in heavy sanctions against Moscow. Major corporations are also leaving Russia.

According to UN data, at least 406 people have been killed and 801 more injured in Ukraine since the conflict began.

According to the UN Refugee Agency, more than 1.7 million people have fled to neighboring nations.

Russia replied by producing a list of states and territories that have engaged in “unfriendly activities against Russia, its firms, and individuals” in response to the sanctions.

According to the directive, these countries’ overseas debtors might be paid in rubles rather than foreign currencies.

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